Alternative Depositary Oversight, Assistant Vice President
- Recruiter
- State Street
- Location
- Luxembourg
- Salary
- Not disclosed
- Posted
- 17 Nov 2021
- Closes
- 16 Dec 2021
- Ref
- R-678710
- Approved employers
- Approved employer
- Contract type
- Permanent
- Hours
- Full time
- Experience level
- Manager
General Position Summary:
The Depositary Oversight Team performs the depositary functions for Alternative Investment Funds and UCITS, The candidate will act as deputy to the Vice President representing the team internally and towards clients,
The candidate will be responsible for the onboarding team of the Depositary and for the risk related oversight functions.
The candidate will work closely with this/her managers as well as with colleagues from the legal and operations department and other State Street offices.
Specific Duties:
- Overview the requirements as stipulated in AIFMD and UCITS V Directives as well as linked to the articles in the CSSF Circular18/697. Ensure that these requirements are listed and agreed in the written procedures established with the service providers of the AIFs/UCITS.
- Analyzing constitutional documents and operating model at onboarding and assess the risks related to the new client/fund.
- Onboard new client on the depositary point of view through the analysis of the relevant legal documentation
- Preparation of due diligence questionnaire templates and ensure that the questionnaires are adapted in line with regulatory changes.
- Analysis of the information provided by the counterparties and assess if escalations are required. Ensure escalations are sent and monitor closely the quality of the information received.
- Responsible for timely performing due diligence on third parties and clients (AIFMs/ManCo’s)
- Represent the Depositary in client meetings and participate to due diligence sessions performed by other parties on the Depositary.
- Perform due diligences on the delegates of SSBIL linked to the safekeeping of assets.
- Ensure that the oversight on investment restriction compliance is performed and liaise with the relevant parties to review the identified breaches.
- Review escalation reports and participate in Board meetings to represent the Depositary.
- Ensuring implementation of and compliance with relevant internal procedures
- Setup and use tools allowing to have a view on the status of the controls performed by the team and determine the team client allocation accordingly.
- Take ownership in projects assigned to the Depositary.
- Ensure databases are maintained and update the task allocation amongst the team members as needed
Qualifications
Education, skills and Experience
- Professional experience in a bank/depositary, asset management firm or audit firm with focus on legal with exposure to the funds incorporated under the Luxembourg law of December 17th, 2010 or under the Alternative Investment Manager Directive. An in-depth knowledge of such structures and related processes, and understanding of the related legal environment is essential (including but not limited to the applicable European Directives and the CSSF Circulars).
- Experience in operating and monitoring of UCITS and AIF vehicles both from an accounting or custody perspective will be considered as an asset.
Qualification:
- Degree in law, economy or finance
- Working experience:
- Minimum of 7 to 10 years professional experience in a similar role; ideally in a depositary bank
Non-technical competencies:
- Strong regulatory knowledge
- Ability to analyze a situation and obtain information to reach sound conclusions
- Adopt a risk based approach and ability to escalate risky items
- Strong organizational skills, with attention to detail and meeting tight deadlines
- Excellent communication and management skills
- Service-oriented and results-focused
- Ability to work autonomously and take ownership
- Take initiative
- Good team player
- Management skills
Language skills:
- English and either French or German (fluent, spoken and in writing)
- Other languages are an advantage
For further information, and to apply, please visit our website via the “Apply” button below.
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